First Bank’s second significant foreign exchange move in two months, after a restriction on the transfer of Personal Travel Allowance (PTA) and Business Travel Allowance (BTA) to the FirstBank Travel Card.
In a recent foreign exchange decision headed “Review of cross-border limit on Naira Card,” which was given to clients, First Bank said that users would henceforth only utilize dollar cards for overseas transactions.
The dollar card has a $10,000 maximum credit limit.
“Due to current foreign exchange market realities, you will no longer be able to utilize the Naira Mastercard, Naira Credit Card, our Virtual card, and Visa Prepaid Naira card for overseas transactions.” This will go into effect on September 30, 2022.
“Please continue transacting overseas with your Visa Debit Multi-Currency Card, Visa Prepaid (USD) Card, and Visa Gold Credit Card with limits of up to $10,000,” First Bank added.
The ruling would limit the number of First Bank clients who may use foreign currency for transactions, delaying foreign business and personal activities.
It will also limit dollar card customers’ spending because they are limited to a $10,000 transaction amount.
#Securitynews
#Africasecuritystories
#Dakoresecurity
#PublicIntel
#360securitynews
#Globalsecuritynews
#PublicIntelwithdakore
#SecurityStories
